US Trade Representative Jamieson Greer said India is a “tough nut to crack” as US and India negotiators wrapped up talks toward a bilateral trade agreement. India is pushing to protect agricultural markets, while the sides still need to agree on specific products such as distillers dried grains (DDGs). A US Supreme Court ruling against reciprocal tariffs has forced the deal to be recalibrated.
The rupee has bounced about 1.75% versus the dollar in the 10 days after the US trade deal news, offering brief relief to currency watchers. Still, economists caution that the medium to long-term trend will depend less on trade headlines and more on foreign fund flows into Indian markets, which can quickly outweigh trade optimism.
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